Crown Castle (CCI) Financials

$101.26 -1.71 (-1.66%)

As of 03:52 PM Eastern

Annual Income Statements for Crown Castle

This table shows Crown Castle's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	347	1,477	424	308	547	789	999	1,096	3,073	3,202	7,877
Consolidated Net Income / (Loss)	399	1,524	357	366	660	902	1,056	1,096	3,073	3,202	7,877
Net Income / (Loss) Continuing Operations	346	525	391	366	660	902	1,056	1,158	0.00	0.00	0.00
Total Pre-Tax Income	335	474	374	392	641	881	1,076	1,179	3,089	3,228	7,901
Total Operating Income	941	946	949	967	1,383	1,559	1,863	2,001	2,425	2,369	-2,938
Total Gross Profit	2,232	2,342	2,480	2,712	3,526	3,777	3,871	4,347	4,918	5,001	4,721
Total Revenue	3,539	3,664	3,921	4,255	5,370	5,763	5,840	6,340	6,986	6,981	6,568
Operating Revenue	3,539	3,664	3,921	4,255	5,370	5,763	5,840	6,340	6,986	6,981	6,568
Total Cost of Revenue	1,307	1,321	1,441	1,543	1,844	1,986	1,969	1,993	2,068	1,980	1,847
Operating Cost of Revenue	1,307	1,321	1,441	1,543	1,844	1,986	1,969	1,993	2,068	1,980	1,847
Total Operating Expenses	1,291	1,396	1,531	1,745	2,143	2,218	2,008	2,346	2,493	2,632	-2,257
Selling, General & Admin Expense	257	311	371	426	563	614	678	680	750	759	706
Depreciation Expense	986	1,036	1,109	1,241	1,527	1,572	1,608	1,644	1,707	1,754	1,738
Impairment Charge	14	33	34	17	26	19	74	21	34	33	-4,810
Restructuring Charge	34	16	17	61	27	13	10	1.00	2.00	86	109
Total Other Income / (Expense), net	-606	-472	-575	-575	-742	-678	-787	-822	664	859	923
Interest Expense	618	531	567	595	748	685	784	802	-671	-850	-932
Interest & Investment Income	0.32	1.91	1.00	19	5.00	6.00	2.00	1.00	3.00	15	19
Other Income / (Expense), net	12	57	-9.00	1.00	1.00	1.00	-5.00	-21	-10	-6.00	-28
Income Tax Expense	-11	-51	-17	26	-19	-21	20	21	16	26	24
Basic Earnings per Share	$1.04	$4.44	$0.95	$0.80	$1.23	$3.60	$2.36	$2.54	$3.87	$3.46	($8.98)
Weighted Average Basic Shares Outstanding	332.30M	333.00M	340M	382M	413M	416M	423M	432M	433M	434M	434M
Diluted Earnings per Share	$1.04	$4.42	$0.95	$0.80	$1.23	$3.58	$2.35	$2.53	$3.86	$3.46	($8.98)
Weighted Average Diluted Shares Outstanding	333.27M	334.06M	341M	383M	415M	418M	425M	434M	434M	434M	434M
Weighted Average Basic & Diluted Shares Outstanding	333.20M	494M	360.54M	383.20M	413.30M	416.75M	862.62M	864.43M	433.44M	434.22M	435.43M
Cash Dividends to Common per Share	$1,870.00	$3.35	$3.61	$3.90	$4.28	$4.58	$4.93	$5.46	$5.98	$6.26	$6.26

This table shows Crown Castle's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,814	417	456	265	2,064	311	251	303	7,013	-464	291
Consolidated Net Income / (Loss)	1,812	418	455	265	2,064	311	251	303	7,012	-464	291
Net Income / (Loss) Continuing Operations	-840	418	455	265	-1,138	294	265	303	-865	284	265
Total Pre-Tax Income	1,814	425	462	272	2,069	300	270	308	7,017	289	269
Total Operating Income	612	628	667	486	588	520	495	544	-4,505	521	506
Total Gross Profit	1,243	1,254	1,345	1,181	1,221	842	833	1,192	1,185	793	782
Total Revenue	1,764	1,773	1,867	1,667	1,674	1,114	1,107	1,652	1,649	1,061	1,060
Operating Revenue	1,764	1,773	1,867	1,667	1,674	1,114	1,107	1,652	1,649	1,061	1,060
Total Cost of Revenue	521	519	522	486	453	272	274	460	464	268	278
Operating Cost of Revenue	521	519	522	486	453	272	274	460	464	268	278
Total Operating Expenses	631	626	678	695	633	322	338	648	-4,226	272	276
Selling, General & Admin Expense	192	195	210	176	178	114	136	153	166	93	99
Depreciation Expense	430	431	445	439	439	191	180	432	437	177	175
Impairment Charge	8.00	0.00	22	8.00	3.00	6.00	3.00	15	-4,834	2.00	2.00
Restructuring Charge	1.00	0.00	1.00	72	13	11	19	48	5.00	0.00	0.00
Total Other Income / (Expense), net	1,202	-203	-205	-214	1,481	-220	-225	-236	1,606	-232	-237
Interest Expense	-1,205	202	208	217	-1,477	226	230	236	-1,624	236	243
Interest & Investment Income	2.00	2.00	5.00	3.00	5.00	4.00	4.00	6.00	5.00	3.00	4.00
Other Income / (Expense), net	-5.00	-3.00	-2.00	0.00	-1.00	2.00	1.00	-6.00	-23	1.00	2.00
Income Tax Expense	2.00	7.00	7.00	7.00	5.00	6.00	5.00	5.00	5.00	5.00	4.00
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	17	-14	-	-	-748	26
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	1.00	-1.00	0.00	-	-	0.00	0.00	-	-	0.00
Basic Earnings per Share	$0.96	$0.97	$1.05	$0.61	$0.83	$0.72	$0.58	$0.70	($10.98)	($1.07)	$0.67
Weighted Average Basic Shares Outstanding	433M	433M	434M	434M	434M	434M	435M	435M	434M	435M	435M
Diluted Earnings per Share	$0.95	$0.97	$1.05	$0.61	$0.83	$0.71	$0.58	$0.70	($10.97)	($1.07)	$0.67
Weighted Average Diluted Shares Outstanding	434M	434M	434M	434M	434M	435M	435M	436M	434M	436M	437M
Weighted Average Basic & Diluted Shares Outstanding	433.44M	433.67M	433.68M	433.69M	434.22M	434.52M	434.57M	434.60M	435.43M	435.46M	435.47M

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-79	-1,101	269	27,700	432	-75	43	147	-139	-47	15
Net Cash From Operating Activities	1,600	1,794	1,787	2,032	2,500	2,698	3,055	2,789	2,878	3,126	2,943
Net Cash From Continuing Operating Activities	1,600	1,794	1,787	1,926	2,934	3,032	3,055	2,789	2,878	3,119	-6,973
Net Income / (Loss) Continuing Operations	346	525	357	366	622	860	1,056	1,158	1,675	1,502	-3,903
Consolidated Net Income / (Loss)	346	525	357	366	622	860	1,056	1,158	1,675	1,502	-3,903
Depreciation Expense	986	1,036	1,109	1,241	1,527	1,572	1,608	1,644	1,707	1,754	1,738
Amortization Expense	81	37	14	9.00	7.00	1.00	6.00	13	17	29	32
Non-Cash Adjustments To Reconcile Net Income	63	-26	178	103	27	138	312	316	223	197	-4,644
Changes in Operating Assets and Liabilities, net	124	221	129	305	317	127	73	-342	-744	-363	-196
Net Cash From Investing Activities	-1,217	-1,960	-1,429	-10,482	-1,793	-2,081	-1,741	-1,332	-1,352	-1,519	-1,220
Net Cash From Continuing Investing Activities	-1,217	-1,960	-1,429	10,482	-1,769	-2,067	-1,741	-1,332	-1,352	-1,519	-1,220
Purchase of Property, Plant & Equipment	-759	-909	-874	-1,217	-1,739	-2,057	-1,624	-1,229	-1,310	-1,424	-1,222
Acquisitions	-462	-1,102	-557	-9,260	-42	-17	-107	-111	-35	-96	-8.00
Other Investing Activities, net	3.48	51	2.00	-5.00	-12	-7.00	-10	8.00	-7.00	1.00	10
Net Cash From Financing Activities	-463	-935	-89	8,192	-733	-692	-1,271	-1,310	-1,665	-1,654	-1,708
Net Cash From Continuing Financing Activities	-463	-935	-89	15,292	-733	-692	-1,271	-1,310	12,103	14,084	6,878
Repayment of Debt	-1,667	-2,535	-8,748	-1,988	-4,207	-2,627	-5,168	-4,097	5,193	3,875	2,872
Repurchase of Common Equity	-22	-30	-25	-23	-34	-44	-76	-70	65	30	33
Payment of Dividends	-669	-1,160	-1,283	-1,539	-1,895	-2,025	-2,190	-2,373	2,602	2,723	2,729
Issuance of Debt	1,895	2,790	8,641	5,913	4,562	4,004	6,163	5,230	4,243	7,456	1,244

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	6.00	0.00	-49	-183	185	-66	103	2.00	102	-27	-44
Net Cash From Operating Activities	840	606	1,119	533	868	599	768	699	877	641	832
Net Cash From Continuing Operating Activities	868	546	969	549	1,055	241	838	661	-8,861	361	481
Net Income / (Loss) Continuing Operations	414	418	456	265	363	294	251	303	-4,768	284	265
Consolidated Net Income / (Loss)	414	418	456	265	363	311	251	303	-4,768	-464	291
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	17	-	-	-	-748	26
Depreciation Expense	431	431	445	439	439	191	430	432	437	177	175
Amortization Expense	7.00	7.00	7.00	8.00	7.00	8.00	10	6.00	8.00	8.00	8.00
Non-Cash Adjustments To Reconcile Net Income	55	39	72	35	51	26	39	33	-4,756	21	23
Changes in Operating Assets and Liabilities, net	-39	-349	-11	-198	195	-278	108	-113	218	-129	10
Net Cash From Discontinued Operating Activities	-	-	-	-	-	274	-	-	-	270	311
Net Cash From Investing Activities	-406	-407	-399	-349	-364	-320	-330	-297	-273	-255	-268
Net Cash From Continuing Investing Activities	-406	-407	-399	-349	-364	-47	-330	-297	-273	-38	-39
Purchase of Property, Plant & Equipment	-389	-341	-379	-347	-357	-47	-329	-297	-276	-40	-40
Other Investing Activities, net	3.00	1.00	2.00	2.00	-4.00	1.00	-1.00	7.00	3.00	2.00	1.00
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-273	-	-	-	-217	-229
Net Cash From Financing Activities	-456	-139	-619	-383	-513	-261	-405	-362	-680	-403	-568
Net Cash From Continuing Financing Activities	13,312	-139	-619	-383	15,225	-261	-405	-362	7,906	-403	-568
Repayment of Debt	7,787	-1,858	-1,967	-533	8,233	454	278	-923	3,063	308	-503
Repurchase of Common Equity	129	-28	-1.00	-	59	-27	-3.00	-2.00	65	-21	-2.00
Payment of Dividends	4,526	-686	-678	-680	4,767	-688	-680	-681	4,778	-690	-463
Issuance of Debt	870	2,433	2,027	830	2,166	0.00	-	1,244	-	0.00	400

This table presents Crown Castle's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	21,143	21,937	22,675	32,229	32,762	38,457	38,768	39,040	38,921	38,527	32,736
Total Current Assets	1,283	981	1,325	1,134	1,229	1,204	1,104	1,254	1,217	1,032	1,090
Cash & Equivalents	151	179	568	314	277	196	232	292	156	105	100
Restricted Cash	147	131	125	121	131	137	144	169	166	171	170
Accounts Receivable	313	313	374	398	501	596	431	543	593	481	129
Prepaid Expenses	139	133	129	162	172	107	95	105	102	103	74
Other Current Assets	119	225	130	139	148	168	202	145	200	172	188
Other Current Nonoperating Assets	413	-	-	-	-	-	-	-	-	-	429
Plant, Property, & Equipment, net	8,983	9,580	9,805	12,933	13,653	14,666	15,162	15,269	15,407	15,666	6,577
Total Noncurrent Assets	10,877	11,376	11,545	18,162	17,880	22,587	22,502	22,517	22,297	21,829	25,069
Noncurrent Note & Lease Receivables	1,202	1,306	1,318	1,300	1,366	1,424	1,408	1,588	1,954	2,239	2,279
Goodwill	5,196	5,514	5,758	10,021	10,078	10,078	10,078	10,078	10,085	10,085	5,127
Intangible Assets	394	359	351	336	307	72	68	64	61	57	1,037
Other Noncurrent Operating Assets	4,085	4,197	4,118	6,505	6,129	11,013	10,948	10,787	10,197	9,448	5,658
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	10,968
Total Liabilities & Shareholders' Equity	21,143	21,937	22,675	32,229	32,762	38,457	38,768	39,040	38,921	38,527	32,736
Total Liabilities	14,406	14,848	15,118	19,890	21,191	27,968	29,307	30,782	31,472	32,146	32,869
Total Current Liabilities	932	855	961	1,292	1,506	1,920	1,969	2,026	2,731	2,585	2,177
Short-Term Debt	113	106	102	115	107	100	129	72	819	835	603
Accounts Payable	162	160	189	249	313	334	230	246	236	252	48
Current Deferred Revenue	280	323	353	457	587	657	704	776	736	605	141
Other Current Liabilities	182	200	221	339	351	660	707	750	757	674	431
Other Current Nonoperating Liabilities	194	67	97	132	148	169	199	182	183	219	954
Total Noncurrent Liabilities	13,474	13,992	14,157	18,598	19,685	26,048	27,338	28,756	28,741	29,561	30,692
Long-Term Debt	11,808	12,044	12,069	16,044	16,575	18,021	19,151	20,557	20,910	22,086	23,451
Capital Lease Obligations	-	-	-	-	0.00	5,511	5,808	6,031	5,881	5,561	5,062
Other Noncurrent Operating Liabilities	1,666	1,949	2,087	2,554	3,110	2,516	2,379	2,168	1,950	1,914	645
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	1,534
Total Equity & Noncontrolling Interests	6,737	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133
Total Preferred & Common Equity	6,716	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133
Total Common Equity	6,716	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133
Common Stock	9,516	9,552	10,942	16,848	17,771	17,859	17,937	18,015	18,120	18,274	18,397
Retained Earnings	-2,815	-2,458	-3,379	-4,505	-6,195	-7,365	-8,472	-9,753	-10,666	-11,889	-18,525
Accumulated Other Comprehensive Income / (Loss)	16	-4.40	-5.89	-4.00	-5.00	-5.00	-4.00	-4.00	-5.00	-4.00	-5.00

This table presents Crown Castle's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	38,921	39,054	39,042	38,699	38,527	38,231	38,246	38,043	32,736	31,760	31,636
Total Current Assets	1,217	1,325	1,349	1,126	1,032	977	1,081	1,124	1,090	1,085	1,074
Cash & Equivalents	156	187	276	117	105	125	155	194	119	60	94
Restricted Cash	166	196	207	167	171	168	171	172	171	174	161
Accounts Receivable	593	565	496	512	481	380	420	413	478	123	100
Prepaid Expenses	102	159	182	143	103	130	155	144	106	76	70
Other Current Assets	200	218	188	187	172	174	180	201	216	210	229
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	442	420
Plant, Property, & Equipment, net	15,407	15,492	15,571	15,573	15,666	15,677	15,698	15,643	15,495	6,492	6,402
Total Noncurrent Assets	22,297	22,237	22,122	22,000	21,829	21,577	21,467	21,276	16,151	24,183	24,160
Noncurrent Note & Lease Receivables	1,954	2,040	2,128	8,498	2,239	2,292	2,341	2,340	2,343	2,277	2,277
Goodwill	10,085	10,085	10,085	10,085	10,085	10,085	10,085	10,085	5,127	5,127	5,127
Intangible Assets	61	3,496	3,388	3,276	57	3,073	2,974	2,878	54	993	949
Other Noncurrent Operating Assets	10,197	6,616	6,521	141	9,448	6,127	6,067	5,973	8,627	5,623	5,625
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	10,163	10,182
Total Liabilities & Shareholders' Equity	38,921	39,054	39,042	38,699	38,527	38,231	38,246	38,043	32,736	31,760	31,636
Total Liabilities	31,472	31,831	31,996	32,030	32,146	32,183	32,594	32,747	32,869	33,013	33,018
Total Current Liabilities	2,731	2,535	2,725	2,549	2,585	2,336	2,494	2,097	2,177	2,950	3,803
Short-Term Debt	819	819	819	827	835	854	865	611	610	1,503	2,251
Accounts Payable	236	233	240	215	252	216	225	200	192	42	48
Current Deferred Revenue	736	721	793	650	605	514	509	483	476	145	139
Other Current Liabilities	757	630	654	712	674	592	667	639	655	409	421
Other Current Nonoperating Liabilities	183	132	219	145	219	160	228	164	244	851	944
Total Noncurrent Liabilities	28,741	29,296	29,271	29,481	29,561	29,847	30,100	30,650	30,692	30,063	29,215
Long-Term Debt	20,910	21,513	21,599	21,903	22,086	22,560	22,854	23,452	23,471	22,874	22,039
Capital Lease Obligations	5,881	5,856	5,750	5,660	5,561	5,397	5,354	5,272	5,236	5,030	5,009
Other Noncurrent Operating Liabilities	1,950	1,927	1,922	1,918	1,914	1,890	1,892	1,926	1,985	641	628
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	1,518	1,539
Total Equity & Noncontrolling Interests	7,449	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133	-1,253	-1,382
Total Preferred & Common Equity	7,449	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133	-1,253	-1,382
Total Common Equity	7,449	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133	-1,253	-1,382
Common Stock	18,120	18,158	18,206	18,245	18,274	18,314	18,351	18,375	18,397	18,427	18,467
Retained Earnings	-10,666	-10,929	-11,155	-11,571	-11,889	-12,261	-12,694	-13,074	-18,525	-19,675	-19,844
Accumulated Other Comprehensive Income / (Loss)	-5.00	-6.00	-5.00	-5.00	-4.00	-5.00	-5.00	-5.00	-5.00	-5.00	-5.00

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.48%	3.54%	7.02%	8.52%	26.20%	7.32%	1.34%	8.56%	10.19%	-0.07%	-5.92%
EBITDA Growth	17.58%	2.83%	-0.65%	7.51%	31.56%	7.37%	10.82%	4.75%	13.80%	0.17%	-128.85%
EBIT Growth	8.65%	5.30%	-6.30%	2.98%	42.98%	12.72%	19.10%	6.57%	21.97%	-2.15%	-225.52%
NOPAT Growth	361.81%	7.89%	-5.41%	-9.00%	57.72%	12.09%	14.55%	7.49%	22.75%	-2.59%	-224.65%
Net Income Growth	324.67%	282.26%	-76.58%	2.52%	80.33%	36.67%	17.07%	3.79%	180.38%	4.20%	146.00%
EPS Growth	300.00%	325.00%	-78.51%	-15.79%	53.75%	191.06%	-34.36%	7.66%	52.57%	-10.36%	-359.54%
Operating Cash Flow Growth	36.65%	12.11%	-0.39%	13.71%	23.03%	7.92%	13.23%	-8.71%	3.19%	8.62%	-5.85%
Free Cash Flow Firm Growth	123.38%	-81.15%	342.55%	-1,053.58%	119.93%	-368.63%	132.36%	20.16%	25.50%	15.60%	11.16%
Invested Capital Growth	-0.29%	4.72%	0.72%	47.36%	-0.72%	21.31%	1.22%	0.78%	0.81%	-0.33%	-16.28%
Revenue Q/Q Growth	13.37%	-3.00%	7.29%	6.34%	-1.83%	1.05%	30.85%	-15.34%	1.60%	-1.27%	-0.38%
EBITDA Q/Q Growth	7.51%	-0.86%	1.57%	0.71%	6.26%	2.02%	9.42%	-3.86%	2.68%	-0.29%	-130.51%
EBIT Q/Q Growth	7.27%	-2.53%	3.21%	-6.69%	11.52%	3.72%	18.72%	-7.56%	3.83%	-0.84%	-238.02%
NOPAT Q/Q Growth	69.61%	7.11%	-0.25%	-15.99%	18.60%	1.17%	15.35%	-5.81%	4.28%	-0.35%	-238.57%
Net Income Q/Q Growth	169.63%	-5.41%	17.99%	-32.41%	35.25%	3.32%	33.50%	-10.82%	90.40%	106.31%	540.93%
EPS Q/Q Growth	108.00%	-0.67%	-2.06%	-33.88%	44.71%	111.83%	-37.67%	-4.89%	7.82%	-53.49%	-242.99%
Operating Cash Flow Q/Q Growth	7.89%	3.10%	-1.15%	7.21%	4.43%	3.17%	6.15%	-8.26%	3.82%	0.90%	0.31%
Free Cash Flow Firm Q/Q Growth	125.05%	552.95%	-13.30%	-797.71%	126.97%	8.84%	-81.91%	-19.65%	152.22%	6.29%	5.15%
Invested Capital Q/Q Growth	0.07%	-0.80%	-0.13%	33.36%	-1.34%	-2.26%	20.55%	21.60%	0.11%	-0.33%	-15.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.08%	63.93%	63.25%	63.74%	65.66%	65.54%	66.28%	68.56%	70.40%	71.64%	71.88%
EBITDA Margin	57.06%	56.68%	52.61%	52.13%	54.34%	54.36%	59.45%	57.37%	59.25%	59.39%	-18.21%
Operating Margin	26.58%	25.82%	24.20%	22.73%	25.75%	27.05%	31.90%	31.56%	34.71%	33.94%	-44.73%
EBIT Margin	26.92%	27.38%	23.97%	22.75%	25.77%	27.07%	31.82%	31.23%	34.57%	33.85%	-45.16%
Profit (Net Income) Margin	11.27%	41.60%	9.10%	8.60%	12.29%	15.65%	18.08%	17.29%	43.99%	45.87%	119.93%
Tax Burden Percent	119.01%	321.71%	95.45%	93.37%	102.96%	102.38%	98.14%	92.96%	99.48%	99.19%	99.70%
Interest Burden Percent	35.17%	47.23%	39.79%	40.50%	46.32%	56.47%	57.91%	59.55%	127.91%	136.61%	-266.39%
Effective Tax Rate	-3.36%	-10.86%	-4.55%	6.63%	-2.96%	-2.38%	1.86%	1.78%	0.52%	0.81%	0.30%
Return on Invested Capital (ROIC)	5.35%	5.65%	5.20%	3.82%	5.07%	5.15%	5.35%	5.70%	6.94%	6.74%	-9.16%
ROIC Less NNEP Spread (ROIC-NNEP)	0.29%	9.73%	-0.21%	-0.10%	0.33%	1.67%	2.16%	2.31%	9.39%	9.79%	28.30%
Return on Net Nonoperating Assets (RNNOA)	0.48%	16.40%	-0.33%	-0.14%	0.45%	3.02%	5.23%	6.68%	32.19%	39.56%	261.31%
Return on Equity (ROE)	5.83%	22.05%	4.87%	3.68%	5.52%	8.18%	10.59%	12.37%	39.13%	46.31%	252.14%
Cash Return on Invested Capital (CROIC)	5.65%	1.04%	4.49%	-34.48%	5.79%	-14.10%	4.14%	4.92%	6.13%	7.07%	8.57%
Operating Return on Assets (OROA)	4.57%	4.66%	4.21%	3.53%	4.26%	4.38%	4.81%	5.09%	6.20%	6.10%	-8.32%
Return on Assets (ROA)	1.91%	7.08%	1.60%	1.33%	2.03%	2.53%	2.73%	2.82%	7.88%	8.27%	22.11%
Return on Common Equity (ROCE)	5.82%	22.02%	4.87%	3.68%	5.52%	8.18%	10.59%	12.37%	39.13%	46.31%	252.14%
Return on Equity Simple (ROE_SIMPLE)	5.94%	21.50%	4.72%	2.97%	5.70%	8.60%	11.16%	13.27%	41.25%	50.18%	0.00%
Net Operating Profit after Tax (NOPAT)	972	1,049	992	903	1,424	1,596	1,828	1,965	2,412	2,350	-2,929
NOPAT Margin	27.47%	28.63%	25.30%	21.22%	26.52%	27.70%	31.31%	31.00%	34.53%	33.66%	-44.60%
Net Nonoperating Expense Percent (NNEP)	5.06%	-4.08%	5.41%	3.91%	4.73%	3.48%	3.19%	3.39%	-2.45%	-3.05%	-37.46%
Return On Investment Capital (ROIC_SIMPLE)	5.21%	-	-	-	-	-	-	-	6.88%	6.74%	-10.04%
Cost of Revenue to Revenue	36.92%	36.07%	36.75%	36.26%	34.34%	34.46%	33.72%	31.44%	29.60%	28.36%	28.12%
SG&A Expenses to Revenue	7.27%	8.49%	9.46%	10.01%	10.48%	10.65%	11.61%	10.73%	10.74%	10.87%	10.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.50%	38.11%	39.05%	41.01%	39.91%	38.49%	34.38%	37.00%	35.69%	37.70%	-34.36%
Earnings before Interest and Taxes (EBIT)	953	1,003	940	968	1,384	1,560	1,858	1,980	2,415	2,363	-2,966
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,019	2,077	2,063	2,218	2,918	3,133	3,472	3,637	4,139	4,146	-1,196
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.57	2.91	2.90	5.66	6.27	4.69	6.23	9.67	6.92	7.26	0.00
Price to Tangible Book Value (P/TBV)	15.31	16.95	15.12	35.21	61.16	145.19	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.87	5.63	5.58	16.40	13.51	8.54	10.10	12.59	7.37	6.63	5.91
Price to Earnings (P/E)	49.73	13.97	51.63	226.59	132.61	62.38	59.03	72.83	16.76	14.46	4.93
Dividend Yield	3.62%	5.41%	5.58%	4.54%	4.89%	3.86%	3.61%	2.96%	5.02%	5.86%	7.01%
Earnings Yield	2.01%	7.16%	1.94%	0.44%	0.75%	1.60%	1.69%	1.37%	5.97%	6.92%	20.30%
Enterprise Value to Invested Capital (EV/IC)	1.59	1.71	1.74	3.03	3.17	2.14	2.43	3.06	2.26	2.14	2.33
Enterprise Value to Revenue (EV/Rev)	8.16	8.86	8.51	20.10	16.54	12.58	14.33	16.72	11.28	10.67	10.33
Enterprise Value to EBITDA (EV/EBITDA)	14.30	15.64	16.18	38.56	30.44	23.15	24.10	29.15	19.04	17.97	0.00
Enterprise Value to EBIT (EV/EBIT)	30.31	32.37	35.50	88.34	64.17	46.49	45.04	53.54	32.63	31.53	0.00
Enterprise Value to NOPAT (EV/NOPAT)	29.70	30.96	33.64	94.72	62.37	45.43	45.77	53.94	32.66	31.71	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.05	18.10	18.67	42.08	35.53	26.88	27.39	38.01	27.38	23.84	23.05
Enterprise Value to Free Cash Flow (EV/FCFF)	28.16	167.94	39.00	0.00	54.62	0.00	59.21	62.42	36.97	30.24	24.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.77	1.71	1.61	1.31	1.44	2.25	2.65	3.23	3.71	4.46	-220.43
Long-Term Debt to Equity	1.75	1.70	1.60	1.30	1.43	2.24	2.64	3.22	3.60	4.33	-215.84
Financial Leverage	1.66	1.69	1.60	1.38	1.35	1.81	2.43	2.89	3.43	4.04	9.23
Leverage Ratio	3.05	3.12	3.05	2.76	2.72	3.23	3.87	4.39	4.96	5.60	11.41
Compound Leverage Factor	1.07	1.47	1.21	1.12	1.26	1.82	2.24	2.61	6.35	7.65	-30.38
Debt to Total Capital	63.89%	63.15%	61.69%	56.70%	59.05%	69.26%	72.62%	76.35%	78.75%	81.70%	100.46%
Short-Term Debt to Total Capital	0.61%	0.55%	0.52%	0.40%	0.38%	0.29%	0.37%	0.21%	2.34%	2.40%	2.09%
Long-Term Debt to Total Capital	63.28%	62.60%	61.18%	56.30%	58.67%	68.97%	72.24%	76.14%	76.42%	79.30%	98.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	36.00%	36.85%	38.31%	43.30%	40.95%	30.74%	27.38%	23.65%	21.25%	18.30%	-0.46%
Debt to EBITDA	5.90	5.85	5.90	7.29	5.72	7.54	7.23	7.33	6.67	6.87	-24.51
Net Debt to EBITDA	5.76	5.70	5.56	7.09	5.58	7.44	7.12	7.20	6.59	6.80	-24.27
Long-Term Debt to EBITDA	5.85	5.80	5.85	7.23	5.68	7.51	7.19	7.31	6.47	6.67	-24.00
Debt to NOPAT	12.26	11.58	12.27	17.90	11.71	14.81	13.72	13.57	11.44	12.12	-10.01
Net Debt to NOPAT	11.95	11.29	11.57	17.42	11.43	14.60	13.52	13.33	11.31	12.00	-9.91
Long-Term Debt to NOPAT	12.14	11.48	12.17	17.77	11.64	14.74	13.65	13.53	11.11	11.77	-9.80
Altman Z-Score	0.87	1.00	0.99	2.13	2.08	1.05	1.18	1.51	0.94	0.77	-0.22
Noncontrolling Interest Sharing Ratio	0.26%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.38	1.15	1.38	0.88	0.82	0.63	0.56	0.62	0.45	0.40	0.50
Quick Ratio	0.50	0.58	0.98	0.55	0.52	0.41	0.34	0.41	0.27	0.23	0.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,026	193	856	-8,159	1,626	-4,368	1,413	1,698	2,131	2,464	2,739
Operating Cash Flow to CapEx	210.96%	197.39%	204.46%	166.97%	143.76%	131.16%	188.12%	226.93%	219.69%	219.52%	240.83%
Free Cash Flow to Firm to Interest Expense	1.66	0.36	1.51	-13.71	2.17	-6.38	1.80	2.12	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.59	3.38	3.15	3.42	3.34	3.94	3.90	3.48	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.36	1.67	1.61	1.37	1.02	0.94	1.83	1.95	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.17	0.18	0.16	0.17	0.16	0.15	0.16	0.18	0.18	0.18
Accounts Receivable Turnover	12.57	11.69	11.42	11.03	11.95	10.51	11.37	13.02	12.30	13.00	13.70
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.39	0.39	0.40	0.37	0.40	0.41	0.39	0.42	0.46	0.45	0.42
Accounts Payable Turnover	8.49	8.21	8.28	7.05	6.56	6.14	6.98	8.37	8.58	8.11	8.32
Days Sales Outstanding (DSO)	29.05	31.21	31.97	33.09	30.55	34.74	32.09	28.04	29.68	28.08	26.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	42.99	44.47	44.09	51.75	55.62	59.45	52.28	43.59	42.54	44.98	43.87
Cash Conversion Cycle (CCC)	-13.94	-13.26	-12.12	-18.66	-25.07	-24.72	-20.18	-15.55	-12.86	-16.90	-17.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,141	18,997	19,133	28,195	27,993	33,957	34,372	34,639	34,920	34,806	29,138
Invested Capital Turnover	0.19	0.20	0.21	0.18	0.19	0.19	0.17	0.18	0.20	0.20	0.21
Increase / (Decrease) in Invested Capital	-53	856	137	9,062	-202	5,964	415	267	281	-114	-5,668
Enterprise Value (EV)	28,876	32,470	33,372	85,515	88,813	72,518	83,679	106,018	78,800	74,510	67,822
Market Capitalization	17,232	20,629	21,893	69,791	72,539	49,219	58,967	79,819	51,512	46,304	38,795
Book Value per Share	$20.12	$21.24	$22.30	$15.19	$13.94	$25.23	$21.94	$19.11	$17.20	$14.71	($0.31)
Tangible Book Value per Share	$3.37	$3.65	$4.27	$2.44	$1.43	$0.82	($1.59)	($4.36)	($6.23)	($8.67)	($12.23)
Total Capital	18,658	19,239	19,728	28,498	28,253	34,121	34,549	34,918	35,059	34,863	29,184
Total Debt	11,921	12,150	12,171	16,159	16,682	23,632	25,088	26,660	27,610	28,482	29,317
Total Long-Term Debt	11,808	12,044	12,069	16,044	16,575	23,532	24,959	26,588	26,791	27,647	28,707
Net Debt	11,622	11,840	11,479	15,724	16,274	23,299	24,712	26,199	27,288	28,206	29,027
Capital Expenditures (CapEx)	759	909	874	1,217	1,739	2,057	1,624	1,229	1,310	1,424	1,222
Debt-free, Cash-free Net Working Capital (DFCFNWC)	165	-77	-227	-478	-578	-949	-1,112	-1,161	-1,017	-994	-767
Debt-free Net Working Capital (DFNWC)	464	232	465	-43	-170	-616	-736	-700	-695	-718	-477
Net Working Capital (NWC)	351	126	363	-158	-277	-716	-865	-772	-1,514	-1,553	-1,087
Net Nonoperating Expense (NNE)	573	-475	635	537	764	694	772	869	-661	-852	-10,806
Net Nonoperating Obligations (NNO)	11,404	11,907	11,576	15,856	16,422	23,468	24,911	26,381	27,471	28,425	29,271
Total Depreciation and Amortization (D&A)	1,067	1,073	1,123	1,250	1,534	1,573	1,614	1,657	1,724	1,783	1,770
Debt-free, Cash-free Net Working Capital to Revenue	4.68%	-2.11%	-5.79%	-11.23%	-10.76%	-16.47%	-19.04%	-18.31%	-14.56%	-14.24%	-11.68%
Debt-free Net Working Capital to Revenue	13.12%	6.33%	11.86%	-1.01%	-3.17%	-10.69%	-12.60%	-11.04%	-9.95%	-10.29%	-7.26%
Net Working Capital to Revenue	9.91%	3.44%	9.27%	-3.71%	-5.16%	-12.42%	-14.81%	-12.18%	-21.67%	-22.25%	-16.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.04	$4.44	$0.95	$1.01	$1.35	$1.80	$2.36	$5.22	$3.87	$6.92	($8.98)
Adjusted Weighted Average Basic Shares Outstanding	332.30M	333.00M	340.35M	381.74M	413M	416M	423M	432M	433M	434M	434M
Adjusted Diluted Earnings per Share	$1.04	$4.42	$0.95	$1.01	$1.34	$1.79	$2.35	$5.20	$3.86	$6.92	($8.98)
Adjusted Weighted Average Diluted Shares Outstanding	333.27M	334.06M	340.88M	383.22M	415M	418M	425M	434M	434M	434M	434M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.80	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	333.87M	333.77M	360.54M	406.91M	415.57M	416.75M	862.62M	864.43M	433.44M	434.22M	435.43M
Normalized Net Operating Profit after Tax (NOPAT)	692	697	700	976	1,005	1,114	1,911	1,987	2,448	2,468	-7,616
Normalized NOPAT Margin	19.56%	19.02%	17.85%	22.93%	18.72%	19.33%	32.72%	31.34%	35.05%	35.35%	-115.95%
Pre Tax Income Margin	9.47%	12.93%	9.54%	9.21%	11.94%	15.29%	18.42%	18.60%	44.22%	46.24%	120.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.54	1.89	1.66	1.63	1.85	2.28	2.37	2.47	0.00	0.00	0.00
NOPAT to Interest Expense	1.57	1.97	1.75	1.52	1.90	2.33	2.33	2.45	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.31	0.18	0.12	-0.42	-0.47	-0.73	0.30	0.94	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.35	0.26	0.21	-0.53	-0.42	-0.67	0.26	0.92	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	167.68%	76.13%	359.38%	420.49%	287.12%	224.50%	207.39%	216.51%	-84.67%	-85.04%	-34.65%
Augmented Payout Ratio	173.16%	78.07%	366.39%	426.78%	292.27%	229.38%	214.58%	222.90%	-86.79%	-85.98%	-35.06%

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.65%	1.78%	7.67%	-4.52%	-5.10%	-7.45%	-12.91%	-0.90%	-1.49%	-4.76%	-4.25%
EBITDA Growth	11.53%	2.11%	9.40%	-9.59%	-1.15%	-7.15%	-17.28%	4.61%	-495.26%	-1.94%	0.73%
EBIT Growth	17.18%	1.30%	12.52%	-19.00%	-3.29%	-13.60%	-27.22%	10.70%	-871.38%	0.00%	2.42%
NOPAT Growth	17.44%	1.37%	12.09%	-20.78%	-4.05%	-14.81%	-28.17%	13.03%	-867.47%	0.47%	2.60%
Net Income Growth	413.31%	-0.71%	8.08%	-36.75%	13.91%	-25.60%	-44.84%	14.34%	239.73%	-249.20%	15.94%
EPS Growth	41.79%	0.00%	8.25%	-37.11%	-12.63%	-26.80%	-44.76%	14.75%	-1,421.69%	-250.70%	15.52%
Operating Cash Flow Growth	14.44%	8.60%	43.65%	-23.97%	3.33%	-1.16%	-31.37%	31.14%	1.04%	7.01%	8.33%
Free Cash Flow Firm Growth	30.29%	105.82%	110.35%	107.48%	112.09%	184.36%	31.18%	136.72%	66.46%	1,548.37%	1,826.54%
Invested Capital Growth	0.81%	0.80%	0.15%	0.11%	-0.33%	-1.23%	-0.92%	-1.41%	-16.28%	-43.32%	-43.56%
Revenue Q/Q Growth	1.03%	0.51%	5.30%	-10.71%	0.42%	-1.97%	-0.91%	1.60%	-0.18%	-35.66%	-0.09%
EBITDA Q/Q Growth	1.26%	1.72%	5.08%	-16.47%	10.72%	-4.45%	-6.38%	5.63%	-518.34%	117.32%	-2.26%
EBIT Q/Q Growth	1.17%	2.97%	6.40%	-26.92%	20.78%	-8.01%	-10.37%	11.16%	-941.64%	111.53%	-2.68%
NOPAT Q/Q Growth	2.28%	1.41%	6.35%	-27.92%	23.88%	-9.29%	-10.32%	13.42%	-941.19%	116.24%	-2.64%
Net Income Q/Q Growth	332.46%	0.97%	8.85%	-41.76%	678.87%	-14.56%	-19.29%	20.72%	2,214.19%	90.27%	162.72%
EPS Q/Q Growth	-2.06%	-79.83%	8.25%	-41.90%	36.07%	-83.45%	-18.31%	20.69%	-1,667.14%	90.25%	162.62%
Operating Cash Flow Q/Q Growth	19.83%	-27.86%	84.65%	-52.37%	62.85%	-30.99%	28.21%	-8.98%	25.46%	-26.91%	29.80%
Free Cash Flow Firm Q/Q Growth	105.70%	2.93%	79.44%	-28.45%	61.61%	38.34%	-17.22%	29.10%	13.65%	518.57%	0.18%
Invested Capital Q/Q Growth	0.11%	0.69%	-0.60%	-0.09%	-0.33%	-0.23%	-0.29%	-0.57%	-15.37%	-32.45%	-0.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.46%	70.73%	72.04%	70.85%	72.94%	71.72%	71.77%	72.16%	71.86%	74.74%	73.77%
EBITDA Margin	59.24%	59.95%	59.83%	55.97%	61.71%	60.15%	56.83%	59.08%	-247.60%	66.64%	65.19%
Operating Margin	34.69%	35.42%	35.73%	29.15%	35.13%	32.78%	29.83%	32.93%	-273.20%	49.10%	47.74%
EBIT Margin	34.41%	35.25%	35.62%	29.15%	35.07%	32.91%	29.77%	32.57%	-274.59%	49.20%	47.92%
Profit (Net Income) Margin	102.72%	23.58%	24.37%	15.90%	123.30%	18.95%	15.44%	18.34%	425.23%	-43.73%	27.45%
Tax Burden Percent	99.89%	98.35%	98.48%	97.43%	99.76%	97.80%	97.29%	98.38%	99.93%	-160.55%	108.18%
Interest Burden Percent	298.85%	68.00%	69.47%	55.97%	352.47%	58.89%	53.31%	57.25%	-154.97%	55.36%	52.95%
Effective Tax Rate	0.11%	1.65%	1.52%	2.57%	0.24%	2.20%	2.71%	1.62%	0.07%	1.73%	1.49%
Return on Invested Capital (ROIC)	6.96%	6.98%	7.20%	5.75%	7.02%	6.28%	5.51%	6.16%	-56.08%	11.56%	11.23%
ROIC Less NNEP Spread (ROIC-NNEP)	11.42%	6.25%	6.47%	5.00%	12.30%	5.52%	4.74%	5.35%	-16.17%	7.62%	10.40%
Return on Net Nonoperating Assets (RNNOA)	39.15%	22.44%	23.84%	19.34%	49.72%	23.57%	21.21%	25.66%	-149.32%	78.86%	121.52%
Return on Equity (ROE)	46.12%	29.42%	31.04%	25.09%	56.74%	29.85%	26.72%	31.82%	-205.41%	90.42%	132.75%
Cash Return on Invested Capital (CROIC)	6.13%	6.08%	6.96%	6.64%	7.07%	7.64%	6.83%	7.51%	8.57%	47.73%	48.13%
Operating Return on Assets (OROA)	6.17%	6.33%	6.53%	5.32%	6.32%	5.83%	5.09%	5.60%	-50.62%	9.16%	8.87%
Return on Assets (ROA)	18.41%	4.24%	4.46%	2.90%	22.23%	3.36%	2.64%	3.15%	78.38%	-8.14%	5.08%
Return on Common Equity (ROCE)	46.12%	29.42%	31.04%	25.08%	56.74%	29.85%	26.72%	31.82%	-205.41%	90.42%	132.75%
Return on Equity Simple (ROE_SIMPLE)	0.00%	23.15%	24.21%	23.27%	0.00%	23.07%	21.07%	23.21%	0.00%	373.34%	0.00%
Net Operating Profit after Tax (NOPAT)	611	618	657	473	587	526	472	535	-4,502	512	498
NOPAT Margin	34.66%	34.84%	35.18%	28.40%	35.04%	32.06%	29.02%	32.40%	-273.00%	48.26%	47.03%
Net Nonoperating Expense Percent (NNEP)	-4.46%	0.73%	0.73%	0.75%	-5.29%	0.76%	0.78%	0.81%	-39.91%	3.93%	0.83%
Return On Investment Capital (ROIC_SIMPLE)	1.74%	-	-	-	1.68%	-	-	-	-15.43%	1.82%	1.79%
Cost of Revenue to Revenue	29.54%	29.27%	27.96%	29.15%	27.06%	28.28%	28.23%	27.85%	28.14%	25.26%	26.23%
SG&A Expenses to Revenue	10.88%	11.00%	11.25%	10.56%	10.63%	11.15%	12.55%	9.26%	10.07%	8.77%	9.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.77%	35.31%	36.31%	41.69%	37.81%	38.94%	41.94%	39.23%	-256.28%	25.64%	26.04%
Earnings before Interest and Taxes (EBIT)	607	625	665	486	587	540	484	538	-4,528	522	508
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,045	1,063	1,117	933	1,033	987	924	976	-4,083	707	691
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.92	7.46	6.61	5.65	7.26	7.47	7.51	9.73	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.37	7.68	6.51	5.33	6.63	6.60	6.42	7.82	5.91	6.97	6.92
Price to Earnings (P/E)	16.76	32.28	27.27	24.28	14.46	32.36	35.64	41.95	4.93	0.00	0.00
Dividend Yield	5.02%	4.88%	5.74%	7.20%	5.86%	6.01%	6.41%	5.28%	7.01%	6.01%	5.60%
Earnings Yield	5.97%	3.10%	3.67%	4.12%	6.92%	3.09%	2.81%	2.38%	20.30%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.26	2.32	2.12	1.88	2.14	2.12	2.06	2.34	2.33	3.79	3.78
Enterprise Value to Revenue (EV/Rev)	11.28	11.64	10.38	9.31	10.67	10.76	10.77	12.21	10.33	11.44	11.41
Enterprise Value to EBITDA (EV/EBITDA)	19.04	19.64	17.44	15.83	17.97	18.11	18.36	20.54	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	32.63	33.72	29.73	27.62	31.53	32.35	33.95	37.47	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	32.66	33.90	29.91	27.91	31.71	32.94	34.69	38.09	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	27.38	27.93	22.73	21.24	23.84	23.63	25.72	27.44	23.05	24.98	24.20
Enterprise Value to Free Cash Flow (EV/FCFF)	36.97	38.35	30.54	28.39	30.24	27.59	29.98	30.91	24.76	5.74	5.66
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.71	3.90	4.00	4.26	4.46	4.76	5.14	5.54	-220.43	-23.47	-21.20
Long-Term Debt to Equity	3.60	3.79	3.88	4.13	4.33	4.62	4.99	5.42	-215.84	-22.27	-19.57
Financial Leverage	3.43	3.59	3.69	3.86	4.04	4.27	4.48	4.80	9.23	10.35	11.69
Leverage Ratio	4.96	5.12	5.24	5.41	5.60	5.82	6.09	6.41	11.41	14.60	16.37
Compound Leverage Factor	14.83	3.48	3.64	3.03	19.74	3.43	3.24	3.67	-17.68	8.08	8.67
Debt to Total Capital	78.75%	79.60%	79.99%	80.98%	81.70%	82.65%	83.72%	84.71%	100.46%	104.45%	104.95%
Short-Term Debt to Total Capital	2.34%	2.31%	2.33%	2.36%	2.40%	2.45%	2.49%	1.76%	2.09%	5.34%	8.06%
Long-Term Debt to Total Capital	76.42%	77.29%	77.67%	78.62%	79.30%	80.20%	81.23%	82.94%	98.37%	99.11%	96.89%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	21.25%	20.40%	20.01%	19.02%	18.30%	17.35%	16.28%	15.29%	-0.46%	-4.45%	-4.95%
Debt to EBITDA	6.67	6.77	6.62	6.83	6.87	7.08	7.50	7.48	-24.51	-24.30	-24.31
Net Debt to EBITDA	6.59	6.68	6.50	6.76	6.80	7.01	7.41	7.39	-24.27	-24.11	-24.10
Long-Term Debt to EBITDA	6.47	6.58	6.42	6.63	6.67	6.87	7.28	7.33	-24.00	-23.06	-22.45
Debt to NOPAT	11.44	11.69	11.35	12.04	12.12	12.88	14.17	13.88	-10.01	-14.30	-14.30
Net Debt to NOPAT	11.31	11.54	11.16	11.92	12.00	12.75	14.01	13.71	-9.91	-14.19	-14.18
Long-Term Debt to NOPAT	11.11	11.35	11.02	11.69	11.77	12.50	13.75	13.59	-9.80	-13.57	-13.21
Altman Z-Score	0.78	0.82	0.67	0.47	0.62	0.58	0.49	0.65	-0.38	0.15	0.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.45	0.52	0.50	0.44	0.40	0.42	0.43	0.54	0.50	0.37	0.28
Quick Ratio	0.27	0.30	0.28	0.25	0.23	0.22	0.23	0.29	0.27	0.06	0.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	330	338	606	433	701	960	795	1,026	1,166	15,554	15,582
Operating Cash Flow to CapEx	215.94%	177.71%	295.25%	153.60%	243.14%	187.19%	233.43%	235.35%	317.75%	1,602.50%	2,080.00%
Free Cash Flow to Firm to Interest Expense	0.00	1.67	2.91	2.00	0.00	4.25	3.46	4.35	0.00	65.91	64.13
Operating Cash Flow to Interest Expense	0.00	3.00	5.38	2.46	0.00	2.65	3.34	2.96	0.00	2.72	3.42
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.31	3.56	0.86	0.00	1.23	1.91	1.70	0.00	2.55	3.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.18	0.18	0.18	0.18	0.17	0.17	0.18	0.19	0.19
Accounts Receivable Turnover	12.30	13.14	14.13	13.51	13.00	14.50	14.43	14.26	13.70	25.90	24.88
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.46	0.46	0.46	0.46	0.45	0.44	0.42	0.42	0.42	0.59	0.59
Accounts Payable Turnover	8.58	9.09	8.88	9.23	8.11	8.57	8.01	8.85	8.32	14.29	13.53
Days Sales Outstanding (DSO)	29.68	27.78	25.83	27.02	28.08	25.18	25.30	25.60	26.65	14.09	14.67
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	42.54	40.14	41.12	39.57	44.98	42.57	45.58	41.25	43.87	25.55	26.97
Cash Conversion Cycle (CCC)	-12.86	-12.36	-15.29	-12.54	-16.90	-17.39	-20.28	-15.65	-17.22	-11.46	-12.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,920	35,160	34,950	34,920	34,806	34,726	34,627	34,429	29,138	19,684	19,543
Invested Capital Turnover	0.20	0.20	0.20	0.20	0.20	0.20	0.19	0.19	0.21	0.24	0.24
Increase / (Decrease) in Invested Capital	281	280	51	40	-114	-434	-323	-491	-5,668	-15,042	-15,084
Enterprise Value (EV)	78,800	81,709	74,229	65,812	74,510	73,696	71,200	80,522	67,822	74,558	73,779
Market Capitalization	51,512	53,904	46,544	37,706	46,304	45,178	42,453	51,553	38,795	45,385	44,735
Book Value per Share	$17.20	$16.66	$16.25	$15.38	$14.71	$13.94	$13.01	$12.19	($0.31)	($2.88)	($3.17)
Tangible Book Value per Share	($6.23)	($14.67)	($14.82)	($15.43)	($8.67)	($16.38)	($17.05)	($17.64)	($12.23)	($16.93)	($17.13)
Total Capital	35,059	35,411	35,214	35,059	34,863	34,859	34,725	34,631	29,184	28,154	27,917
Total Debt	27,610	28,188	28,168	28,390	28,482	28,811	29,073	29,335	29,317	29,407	29,299
Total Long-Term Debt	26,791	27,369	27,349	27,563	27,647	27,957	28,208	28,724	28,707	27,904	27,048
Net Debt	27,288	27,805	27,685	28,106	28,206	28,518	28,747	28,969	29,027	29,173	29,044
Capital Expenditures (CapEx)	389	341	379	347	357	320	329	297	276	40	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,017	-774	-1,040	-880	-994	-798	-874	-728	-767	-596	-733
Debt-free Net Working Capital (DFNWC)	-695	-391	-557	-596	-718	-505	-548	-362	-477	-362	-478
Net Working Capital (NWC)	-1,514	-1,210	-1,376	-1,423	-1,553	-1,359	-1,413	-973	-1,087	-1,865	-2,729
Net Nonoperating Expense (NNE)	-1,201	200	202	208	-1,477	215	221	232	-11,514	976	207
Net Nonoperating Obligations (NNO)	27,471	27,937	27,904	28,251	28,425	28,678	28,975	29,133	29,271	20,937	20,925
Total Depreciation and Amortization (D&A)	438	438	452	447	446	447	440	438	445	185	183
Debt-free, Cash-free Net Working Capital to Revenue	-14.56%	-11.03%	-14.55%	-12.45%	-14.24%	-11.65%	-13.23%	-11.04%	-11.68%	-9.15%	-11.33%
Debt-free Net Working Capital to Revenue	-9.95%	-5.57%	-7.79%	-8.43%	-10.29%	-7.37%	-8.29%	-5.49%	-7.26%	-5.56%	-7.39%
Net Working Capital to Revenue	-21.67%	-17.24%	-19.24%	-20.12%	-22.25%	-19.84%	-21.38%	-14.76%	-16.55%	-28.63%	-42.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.96	$0.97	$1.05	$0.61	$0.83	$0.72	$0.58	$0.70	($10.98)	($1.07)	$0.67
Adjusted Weighted Average Basic Shares Outstanding	433M	433M	434M	434M	434M	434M	435M	435M	434M	435M	435M
Adjusted Diluted Earnings per Share	$0.95	$0.97	$1.05	$0.61	$0.83	$0.71	$0.58	$0.70	($10.97)	($1.07)	$0.67
Adjusted Weighted Average Diluted Shares Outstanding	434M	434M	434M	434M	434M	435M	435M	436M	434M	436M	437M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	433.44M	433.67M	433.68M	433.69M	434.22M	434.52M	434.57M	434.60M	435.43M	435.46M	435.47M
Normalized Net Operating Profit after Tax (NOPAT)	620	618	680	551	603	543	519	597	-9,327	514	500
Normalized NOPAT Margin	35.17%	34.84%	36.40%	33.08%	35.99%	33.08%	31.89%	36.15%	-565.64%	48.44%	47.21%
Pre Tax Income Margin	102.83%	23.97%	24.75%	16.32%	123.60%	19.38%	15.87%	18.64%	425.53%	27.24%	25.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	3.09	3.20	2.24	0.00	2.39	2.10	2.28	0.00	2.21	2.09
NOPAT to Interest Expense	0.00	3.06	3.16	2.18	0.00	2.33	2.05	2.27	0.00	2.17	2.05
EBIT Less CapEx to Interest Expense	0.00	1.41	1.38	0.64	0.00	0.97	0.67	1.02	0.00	2.04	1.93
NOPAT Less CapEx to Interest Expense	0.00	1.37	1.34	0.58	0.00	0.91	0.62	1.01	0.00	2.00	1.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-84.67%	157.78%	157.03%	175.39%	-85.04%	195.34%	228.97%	221.97%	-34.65%	58.29%	63.48%
Augmented Payout Ratio	-86.79%	159.57%	158.85%	177.32%	-85.98%	197.42%	231.57%	224.65%	-35.06%	59.13%	64.34%

Key Financial Trends

Crown Castle (CCI) has shown stable and resilient operating performance over the last four years, with consistent revenue growth and solid cash flow from operations, despite occasional volatility in net income due to non-recurring items and discontinued operations.

Key positive trends:

Operating revenue has generally increased from about $1.75 billion in Q3 2022 to around $1.06 billion per quarter in recent 2025 quarters, indicating steady demand for Crown Castle's services.
Gross profit margins remain strong, with total gross profit consistently around 70-75% of revenue, reflecting effective cost management.
Net cash from continuing operating activities has been robust, rising to $481 million in Q2 2025, supporting sustained operational cash generation.
Consistent payment of dividends at $1.565 per share quarterly demonstrates a shareholder-friendly capital return policy.
Capital expenditures remain stable around $30-40 million quarterly, indicating ongoing investment in infrastructure to support future growth.

Neutral factors:

Total liabilities have increased moderately over time, with long-term debt constituting a significant portion, reflecting ongoing capital structure leverage common in infrastructure companies.
Equity remains negative in some recent quarters due to accumulated losses, likely impacted by discontinued operations and restructuring, though non-cash impairment charges also influence this figure.
Discontinued operations continue to affect quarterly net income figures, adding some variability to earnings performance.

Areas of concern:

Large swings in consolidated net income, notably negative $4.7 billion in Q4 2024 due to impairment charges and discontinued operations, create volatility in reported earnings.
Significant interest expense around $230 million per quarter weighs on profitability, reflecting Crown Castle's leveraged balance sheet and high debt levels.
Negative net change in cash in some recent quarters (e.g., Q2 2025 down $44 million) may warrant monitoring for liquidity trends, though operating cash flow remains strong overall.

In summary, Crown Castle demonstrates a solid operating cash flow profile and steady revenue generation driven by its essential infrastructure business. However, investors should be mindful of earnings volatility caused by impairment charges, discontinued operations, and high interest costs. The company’s capital expenditures and dividend payments indicate confidence in long-term growth. Monitoring debt levels and profit margin sustainability will be important going forward.

08/26/25 02:26 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Crown Castle's Financials

When does Crown Castle's financial year end?

According to the most recent income statement we have on file, Crown Castle's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Crown Castle's net income changed over the last 10 years?

Crown Castle's net income appears to be on an upward trend, with a most recent value of $7.88 billion in 2024, rising from $398.77 million in 2014. The previous period was $3.20 billion in 2023. Check out Crown Castle's forecast to explore projected trends and price targets.

What is Crown Castle's operating income?

Crown Castle's total operating income in 2024 was -$2.94 billion, based on the following breakdown:

Total Gross Profit: $4.72 billion
Total Operating Expenses: -$2.26 billion

How has Crown Castle's revenue changed over the last 10 years?

Over the last 10 years, Crown Castle's total revenue changed from $3.54 billion in 2014 to $6.57 billion in 2024, a change of 85.6%.

How much debt does Crown Castle have?

Crown Castle's total liabilities were at $32.87 billion at the end of 2024, a 2.2% increase from 2023, and a 128.2% increase since 2014.

How much cash does Crown Castle have?

In the past 10 years, Crown Castle's cash and equivalents has ranged from $100 million in 2024 to $567.60 million in 2016, and is currently $100 million as of their latest financial filing in 2024.

How has Crown Castle's book value per share changed over the last 10 years?

Over the last 10 years, Crown Castle's book value per share changed from 20.12 in 2014 to -0.31 in 2024, a change of -101.5%.

Related Companies

This page (NYSE:CCI) was last updated on 8/26/2025 by MarketBeat.com Staff

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Crown Castle (CCI) Financials

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